Basilic Fly Studio seeks to raise Rs 66.35 crore via IPO, price band set at Rs 92-97 per share

Basilic Fly Studio IPO price band is set at Rs 92-97 per share.

Basilic Fly Studio has fixed the price band for its initial public offering at Rs 92-97 per share. The Chennai-based company will open the public issue for subscription on September 1.

This would be the first IPO among SMEs to be launched in September.

The visual effects (VFX) studio is planning to raise Rs 66.35 crore via the public issue of 68.40 lakh shares, at the upper price band.

Investors can bid for a minimum of 1,200 shares and in multiples of 12 shares thereafter.

The offer, which closes on September 5, comprises a fresh issue of 62.4 lakh shares and an offer for sale of 6 lakh shares by the promoters Balakrishnan and Yogalakshmi S.

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Balakrishnan and Yogalakshmi S together hold 85.40 percent shareholding in the company.

Of the total issue, the company has reserved 10.26 lakh shares for the market maker. As a result, the net issue stands at 58.14 lakh equity shares which will be divided into QIB, high networth individuals and retail investors.

Half of the offer is reserved for QIB, 15 percent for high networth individuals and the remaining 35 percent for retail investors. The anchor book, a part of qualified institutional buyers (QIB), will be opened for a day on August 31.

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With net fresh issue proceeds, Basilic Fly Studio will set up a studio or facility in Hyderabad and Salem with an investment of up to Rs 21.36 crore, and add infrastructure to further strengthen the existing facilities or offices in Chennai and Pune at a cost of Rs 19.6 crore.

Further, the company will also invest in subsidiaries for the expansion of workspace by acquiring new office space in London and strengthen the existing facilities or offices in Vancouver with an investment of up to Rs 4.65 crore. The remaining funds will be utilised for general corporate purposes and issue expenses.

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Basilic Fly Studio, which also operates in Canada and the UK via subsidiaries, has executed several projects in movies in the past including Top Gun: Maverick, The Whale, Spider-Man: No Way Home, Shang-Chi and the Legend of the Ten Rings, Avengers: Endgame, Mary Poppins Returns, and Alita: Battle Angel.